Dublin Accountant, Bookkeeping & Small business Accounting services to businesses in Ireland.We are Dublin based Chartered Accountants providing Bookkeeping & Accounting services to small business in Ireland.https://www.gahan.ie/
3 Mistakes That Strangle Growing BusinessesSat, 08 Dec 2018 00:22:19 -0800https://www.gahan.ie/blog/3-mistakes-that-strangle-growing-businesses
https://www.gahan.ie/blog/3-mistakes-that-strangle-growing-businesses<p>Businesses want to grow and help a larger audience, but too many make mistakes that cripple their growth. Even worse, they keep repeating them! Don't do the same; avoid the blunders outlined below.</p><h3><p>1. Hiring Toxic Personalities</p></h3><p>Businesses hire more staff as they grow. But if they expand too quickly, they will feel pressure to fill positions on their team, even if the job candidates have a few personality flaws. While some people change, others don't, and a few toxic personalities will poison your company culture.<br>This is why controlling growth is so important. Though it is hard to predict, you can create a game plan when you exceed your projections. Creating a team of healthy personalities is another priority. If you don't, toxic employees will look for coworkers with similar values. If they can't find them, they will try to hire them!<br>But what personalities should your company avoid? There are many, but micromanagers are one of the most common. Instead of letting their coworkers do their jobs, they bug them over minor details, sabotaging team goals. Managers do manipulate emotions as part of their job, but some abuse this power. They will try to ruin people with gossip, or tell bosses what they want to hear, even when they know it is terrible advice.<br>Instead, always look for team members that value their coworkers and employer, and have enough emotional maturity to find and fix their own weaknesses. They will become better team members over time, and will face problems even when it makes them feel uncomfortable.<br> </p><h3><p>2. Changing Your Product</p></h3><p>Businesses always want to find new markets, and while they could woo customers in more places, creating new products is another way to reach a larger audience. Bringing a new product to market is an investment new businesses should consider, as long as they know the risks.<br>Instead of creating a new product from scratch, some businesses tweak their old ones. While this...<a href=https://www.gahan.ie/blog/3-mistakes-that-strangle-growing-businesses>Read More</a>How to set payment terms if you’re a freelancer or contractorSat, 01 Dec 2018 13:12:23 -0800https://www.gahan.ie/blog/how-to-set-payment-terms-if-you-re-a-freelancer-or-contractor
https://www.gahan.ie/blog/how-to-set-payment-terms-if-you-re-a-freelancer-or-contractor<p>Following up on late or non-paying customers is no freelancer’s favorite task. Which is precisely why you need to set payment terms up front – and in writing – before you work with a new client or customer.</p><p>By communicating and agreeing on the non-negotiables for doing business with you, you’ll avoid awkward misunderstandings, frustrating disputes, and in most cases, the ugly hassle of debt collection.</p><p> </p><p>These tips will help you pave the way for consistent cash flow by setting clear payment terms.</p><h3><p>Minimum legal requirements</p></h3><p>As a business owner you are only required to include your business name and address on your invoices. But it’s in your best interest to include more information than the law requires.</p><p>It’s recommended that every invoice include:<br>• The invoice date<br>• Complete contact info<br>• Your company/ PPS number<br>• Payment instructions (i.e. acceptable forms of payment and when payment is due)<br>• An itemisation of services</p><p><br>If you haven’t shared your payment terms in writing and a client won’t pay, you have little recourse. You won’t be able to charge a late payer interest on their balance owing, let alone engage the services of a debt collection agency.<br>In addition to including your payment terms in clear and simple language on every invoice, be sure to state your payment terms early on.<br>Send along your policies in an email, include them in an agreement or contract, and/or point new clients to the terms and conditions outlined on your website.</p><h3><p>What to include in your payment terms</p></h3><p>It’s up to every entrepreneur to decide when and how much they need to be paid in order to operate a smooth, positive cash flow business.</p><p>As a starting point when setting payment terms, think of the troubles you’d like to avoid and how you could prevent them with the right policies.<br>In addition to when payment is due (i.e. on receipt of invoice, 30 days credit) you might want...<a href=https://www.gahan.ie/blog/how-to-set-payment-terms-if-you-re-a-freelancer-or-contractor>Read More</a>5 important ways that your accountant should help youSat, 03 Nov 2018 03:26:21 -0700https://www.gahan.ie/blog/5-important-ways-that-your-accountant-should-help-you
https://www.gahan.ie/blog/5-important-ways-that-your-accountant-should-help-you<h3>What do you expect from your accountant? These are some things to consider<p></p></h3><p style="font-size: 130%;"><strong>1. Fixed and fair pricing</strong></p><p style="font-size: 130%;"></p>Telling you the price after the work has been done is unfair, it is important to have full transparency from the start<p></p><p style="font-size: 130%;"><strong>2. Proactively find opportunities to improve cash flow and boost profits</strong></p>An accountant should be proactive in helping to find opportunities to improve key areas of your business. Are you fed up of accountants who don’t seem to help your business to grow and develop? Even profitable businesses can fail if the cash runs out. Managing this can be time-consuming. We produce regular cash flow forecasts to ensure your plans can be fully funded and you don’t fall into financial difficulties.<p></p><p style="font-size: 130%;"><strong>3. Identify the most tax efficient structure for your business</strong> </p><p style="font-size: 130%;"><br>Proactive tax planning is imperative for all businesses but many business owners are unhappy with the service their accountants offer when it comes to saving money off annual tax bills. It is important for your accountant who actively helps reduce your tax bills even further is vital. The team at DP Accounting use leading strategies and state of the art software to help identify the most tax efficient structures for your business and plan accordingly – saving you both time and money.</p><p style="font-size: 130%;"><strong>4. Help you take home more money</strong></p><p style="font-size: 130%;">Many business owners are not taking home as much money as they would like and this can put a strain on their family and their quality of life. Is your accountant proactive in helping you in this area?</p><p style="font-size: 130%;"><strong>5. Help you find a better work-life balance</strong></p><p style="font-size: 130%;"> </p><p style="font-size: 130%;">We recognise that the quality...<a href=https://www.gahan.ie/blog/5-important-ways-that-your-accountant-should-help-you>Read More</a>10 traits common to many business ownersThu, 27 Sep 2018 12:40:44 -0700https://www.gahan.ie/blog/10-traits-common-to-many-business-owners
https://www.gahan.ie/blog/10-traits-common-to-many-business-owners<p>In the world of entrepreneurship, there is no fixed approach. No two successful entrepreneurs carry the exact same traits.<br>These are some of the traits I have seen common to many business owners</p><p><strong>1. Passionate about your mission</strong><br>I truly feel that people who are motivated to achieve their dream can go a long way or certainly get as close to their dream as possible. Perseverance and unconditional dedication towards work set a successful business owner apart from the rest. Passion can be underrated but I place so much value in it.</p><p><strong>2. Effective Communicator</strong><br>The ease with which a business owner communicates might determine a certain level of success that they will achieve. It is not so much about being charismatic but more how you convey your passion and business.</p><p><strong>3. Plan everything</strong><br>No business can thrive in the absence of proper planning.<br>This quote sums it up "Failing to plan is planning to fail"</p><p><strong>4. Be empathetic to others</strong><br>The ability to listen to others and understand them is a trait that exceptional leaders have. By understanding others and what matters to them will really help you stand out.</p><p><strong>5. Make decisions quick</strong><br>People who can keep their calm even in tough situations, turn out to be leaders who can inspire others with their pragmatism.<br>If you respond quickly with little thought, this can sometimes lead to problems down the line.</p><p><strong>6. Be innovative</strong><br>If a business is struggling it is important to innovate to be able to progress forward.</p><p><strong>7. Excellent time keeping</strong><br>If you don't value your time, how can you value others?</p><p><strong>8. Be Independent</strong><br>Being a business owner can be lonely, having the ability to make decisions on your own and not rely on others for a second approval will help progress.</p><p><strong>9. Tolerate risks</strong><br>If you stay in your...<a href=https://www.gahan.ie/blog/10-traits-common-to-many-business-owners>Read More</a>5 benefits of using webinars to grow your small businessMon, 17 Sep 2018 09:15:17 -0700https://www.gahan.ie/blog/5-benefits-of-using-webinars-to-grow-your-small-business
https://www.gahan.ie/blog/5-benefits-of-using-webinars-to-grow-your-small-business<p>Over the years I have delivered many webinars. Towards the beginning, I found I was delivering webinars, that were valuable to my participants but I was unsure how to measure success, or even impact.<br>Webinars are beneficial to absolutely any business. With a clear structure around the value you offer, it is a mutually beneficial arrangement for all.</p><p>I feel there are 5 unique benefits to delivering a webinar for your business.</p><p>They are:</p><h3><p><strong>1. Educate</strong></p></h3><p>Educating and engaging your audience with unique value to a unique audience enables you to showcase your products, services and solutions.<br>The more value you offer, the greater the likelihood that these participants will consider your business as a go-to vendor. This is a Win-win for all.</p><h3><p><strong>2. Scalable</strong></p></h3><p>Webinars can be used as a tool to not only increase profit margins but also a way to educate and train your staff.<br>You won't need to book classroom-based training (which can become costly) because sometimes a webinar will do the trick. This is far more cost-effective, scalable and allows you to use the training budget for other areas of the business.</p><h3><p><strong>3. Time efficient</strong></p></h3><p>Webinars can be hosted and delivered quickly. They can be promoted internally and externally with minimal cost and significant ease.</p><h3><p><strong>4. Brand credibility</strong></p></h3><p>Webinars will help position you as a thought leader. The greater the reach, the bigger your audience and hopefully this will lead to many business benefits</p><h3><p><strong>5. Marketing</strong></p></h3><p>Webinars are great marketing tools. Adding value, educating your audience, and becoming the subject matter expert will develop great sales and marketing opportunities for your business.</p><p>If I can be of assistance, please book a free strategy session below:</p><a href=https://www.gahan.ie/blog/5-benefits-of-using-webinars-to-grow-your-small-business>Read More</a>6 benefits of using LinkedIn to grow your business in 2019Wed, 12 Sep 2018 22:11:08 -0700https://www.gahan.ie/blog/6-benefits-of-using-linkedin-to-grow-your-business-in-2018-2019
https://www.gahan.ie/blog/6-benefits-of-using-linkedin-to-grow-your-business-in-2018-2019<p>I have been using LinkedIn since 2009 to develop my business.<br>I have found it an invaluable way to drive business for Gahan and Co.<br>I wanted to share 6 benefits of using LinkedIn to drive business for your business.<br> </p><p><strong>Business development opportunities</strong></p><p>LinkedIn opens the doors for networking and the opportunity to get speaking to many potential clients. Keep your company page up to date with relevant information and be a resource to your connections and followers. Branding yourself as the subject expert on your services will help them think of you when they need you.<br> </p><p><strong>Thought leadership</strong><br>Having a LinkedIn user profile and Company Page is a great way to gain attention for your business. The page has the potential to show up when people search for you in Google, as well as showing up for searches on LinkedIn. Consider setting your own Group on LinkedIn - I created the small business community and we have almost 10,000 members!</p><p><strong>Credibility </strong><br>I ran events, webinars and many other tactical ways to develop credibility.<br>The main piece of advice here is offer value as much as you can and DO NOT expect anything in return. It will happen.</p><p><strong>Showcase your accomplishments</strong><br>Another way to build up trust with potential customers and clients is to display your achievements. Video testimonials for example. Don't brag but use these as a way to add value to others</p><p><strong>Filtered Search Results </strong><br>Generating sales effectively means reaching your customers effectively. LinkedIn makes this easy by offering a thorough group of search options that you can use to hone in on your target demographics.</p><p><strong>Quality Connections</strong> <br>The most important benefit of LinkedIn is the fact that it is populated almost entirely by forward-thinking professionals such as yourself who are also looking for ways to grow their businesses. This creates...<a href=https://www.gahan.ie/blog/6-benefits-of-using-linkedin-to-grow-your-business-in-2018-2019>Read More</a>5 benefits of using Xero Cloud Accounting for your businessMon, 10 Sep 2018 00:34:30 -0700https://www.gahan.ie/blog/5-benefits-of-using-xero-cloud-accounting-for-your-business
https://www.gahan.ie/blog/5-benefits-of-using-xero-cloud-accounting-for-your-business<p>Xero is our preferred accounting software solution in <a href="http://www.gahan.ie">Gahan.ie.</a><br>We love using it as it provides so many benefits for both our firm and our clients.<br>There are many benefits to our clients and is this post I will discuss 5 of them.</p><p>Small businesses, just like yours, all over the world are finding out first hand the benefits that Xero can bring to their business.</p><p>Here are just a few of the benefits this smart cloud accounting software can deliver to your startup or small business.</p><h3><p><strong>1. Accounting tasks are automated</strong></p></h3><p>With Xero, bank transactions are synced from your bank account, accounting, and bookkeeping automation. You don’t have to deal with creating spreadsheets manually and remembering to enter all your important data on a daily basis.</p><h3><p><strong>2. Cloud-based Accounting allows efficiency</strong></p></h3><p>With all your bookkeeping in the cloud, you can easily access it any time and from anywhere, so you don’t have to be in your office or contact your accountant to see vital reports.</p><h3><p><strong>3. Secure</strong></p></h3><p>As a world-leading provider of online accounting software, you can trust that Xero utilises world-class cloud security. Your data is safely stored in the cloud and is very secure.</p><h3><p><strong>4. </strong><strong>Scalab</strong><strong>le</strong></p></h3><p>Whether you have 1 client or 10,000 clients, Xero can help.<br>This kind of scalability is essential if you plan on growing your business.</p><h3><p><strong>5. Affordable</strong></p></h3><p>As Xero is offered on a Software as a Service (SaaS) basis, you sign up for a monthly subscription to use their services. There are no hidden charges, so the cost of using Xero is easy to predict.</p><p>If you would like to speak with me, please book some time on my calendar below.</p><p> </p><p>Paddy Gahan</p><a href=https://www.gahan.ie/blog/5-benefits-of-using-xero-cloud-accounting-for-your-business>Read More</a>11 benefits of hosting your own Networking eventThu, 06 Sep 2018 11:37:02 -0700https://www.gahan.ie/blog/11-benefits-of-hosting-your-own-networking-event
https://www.gahan.ie/blog/11-benefits-of-hosting-your-own-networking-event<p>I wrote a post about networking recently <a href="https://www.gahan.ie/blog/5-advantages-of-networking">here</a>.<br>Over the years I have attended hundreds of networking events and have hosted a number of them too.<br>This is an event we hosted in 2012:</p><p>The benefits of hosting a networking event so I wanted to write a post about it here.<br>These are the 11 benefits of hosting a networking event:</p><p><strong>1. Develop new contacts: </strong></p><p>You get to meet all attendees (if you make the effort!) which allows you to develop your network considerably.</p><p><strong>2. Develop interest in a topic: </strong></p><p>With my events, we would give lots of value to attendees, the events were free (and refreshments too). I would present on a certain topic that allowed me to develop interest around my topic of helping save business money on tax.</p><p><strong>3. Develop subscriber list: </strong></p><p>If you have a newsletter, websites, or magazine then this is a great way to grow your audience.</p><p><strong>4. Personal Branding: </strong></p><p>These events raise your profile considerably. If you use video and social media, expect to see significant benefits</p><p><strong>5. Credibility: </strong></p><p>The more people get to know you and see how you add value to their business, will enable you to become a credible source in your network.</p><p><strong>6. Additional revenue: </strong></p><p>I didn't focus on this but these events (if you wish) can become a great source of additional revenue for your business.</p><p><strong>7. Develop your business: </strong></p><p>It takes time but as people got to know me, these events became a great source of new business for me.</p><p><strong>8. Demonstration: </strong></p><p>Depending on your business, these events can be a great place to demonstrate your offering. For my business, we would demonstrate the benefits of <a href="http://www.xero.com">Xero</a>.</p><p><strong>9. Media: </strong></p><p>By proving a free...<a href=https://www.gahan.ie/blog/11-benefits-of-hosting-your-own-networking-event>Read More</a>The benefits of a Sole trader Versus a Limited CompanyWed, 05 Sep 2018 02:27:02 -0700https://www.gahan.ie/blog/the-benefits-of-a-sole-trader-versus-a-limited-company
https://www.gahan.ie/blog/the-benefits-of-a-sole-trader-versus-a-limited-company<p>There are many factors to consider where and before we begin, I would recommend discussing your particular needs with an accounting or finance professional.<br>This article might provide some food for thought about what you might wish to learn about.</p><p><strong>Before we dig in, there are some key differences:</strong><br>The main difference is that a Limited Company is a separate legal entity from the individuals involved (Directors and Shareholders) A Limited Company tends to be surrounded with more red tape, however, they are generally the most tax efficient. For example,</p><p>If you register as a Sole Trader or a Partnership you will need to register a Business Name if you are carrying out business under a name other than your own e.g. ‘Paddy Gahan accounting services’ as opposed to just ‘Paddy Gahan’.<br>The easiest way to describe a sole trader is that your and business are one in the same.</p><p>Let me provide some differences:</p><h3><p><strong>Advantages of a limited company:</strong></p></h3><p>1. Limited liability. This means that the liability of the shareholders is limited to the amount paid for shares. T<br>2. Low corporation tax. The rate of corporate tax in Ireland is only 12.5% (This may change in the future, so please check!)<br>3. The business is a separate legal entity from the directors<br>4. The company name is unique to your business<br>5. It is very tax efficient</p><h3><p><strong>Disadvantages of Limited Company:</strong></p></h3><p>1. Compliance. there is more compliance and "red tape" as I mentioned earlier.<br>2. It is more expensive to maintain a business with the various costs</p><h3><p><strong>Advantages of Sole Trader/Partnership:</strong></p></h3><p>1. Inexpensive to become established </p><p>2. It is quite inexpensive to close the business if required<br>3. No annual returns to file with CRO</p><h3><p><strong>Disadvantages of Sole Trader/Partnership:</strong></p></h3><p>1. No Limited liability. Potentially you are liable...<a href=https://www.gahan.ie/blog/the-benefits-of-a-sole-trader-versus-a-limited-company>Read More</a>5 Advantages of NetworkingTue, 28 Aug 2018 02:43:25 -0700https://www.gahan.ie/blog/5-advantages-of-networking
https://www.gahan.ie/blog/5-advantages-of-networking<p> I am a big advocate of networking. For many years I ran the referrals EXPO and the Business Networking Summit here in Dublin. The benefits for our members was truly remarkable.</p><p>From my experience, professionals use networking as a means to form relationships with others, in like or related fields, that help to expand ones’ effectiveness.</p><p>For those who are considering networking as a means to drive their business, allow me to share some advantages:</p><h3><p>1. Business Leads</p></h3><p>Networking is a great way to acquire new business leads. Using the contacts you make when you meet people can open doors for business opportunities.<br>They may not be direct leads, but its the relationship you establish will lead to potential opportunities.</p><p>It is important to communicate professionally when you follow up on leads. People want to help others but aren’t interested in someone badgering them for business. Off value first and foremost and be sensitive to timing and use common courtesy when following up with contacts.</p><h3><p>2. Job Opportunities</p></h3><p>Statistics show that networking is the best way to land a new job. If you are looking to move into a new area of employment or start a new business professional networking can expose you to jobs that aren’t posted online or in newspapers. You simply never know "who knows who".<br>Informing others know that you are looking for a job, and what your expertise and experience is, could open career doors of opportunity.</p><h3><p>3. Personal Opportunities</p></h3><p>Networking can also be a personal benefit. Professional relationships you develop can be used for identifying practical solutions to everyday life.<br>I have met people at networking events many years ago, and these people have become personal friends of mine today.<br>Weaving personal conversations into your network helps others get to know you in an intimate way and helps build the relationship.</p><h3><p>4. Identify Best...<a href=https://www.gahan.ie/blog/5-advantages-of-networking>Read More</a>